To most, the items that factor into your home insurance costs are a mystery, but we can all agree we want to see the rates lower. A large piece that affects your homeowner’s insurance cost is how susceptible your home is to break-ins. One way to remedy the increased rate would be installing a home security system to provide surveillance and protect your home while lowering your insurance costs.
The discount amount will vary depending on the insurance provider and the sophistication of your security system choice. We will discuss more on what kind of home security systems you can obtain and how those different systems can affect your insurance rate. Does having a security system lower home insurance? Read on to find out!
What Type of Home Security System Should I Get?
Alarms: The most basic safety measure you can easily add to your home would be alarm systems. There are plenty of different alarms or detectors you can install to make your home a safer place. Although fire and smoke alarms are required in Colorado near any sleeping room, the detectors may vary in capability. For instance, a smoke detector may simply go off to alert the residents of the home, or it may automatically communicate with 911, so even when you’re away, you know the emergency will be responded to. This also applies to flood, carbon dioxide, and burglary alarms.
Home Security Cameras: You certainly have many options for video monitoring systems in the market. Some include motion detection lighting, automatic alerts, or 24/7 surveillance. The most secure systems will usually present as the least noticeable, preventing any potential burglar from disrupting the security feed or alarms. Smart placement of your camera will be essential to making your home as safe as possible—aim for dark areas around your house or any other vulnerable spots.
Smart Locks: Many insurance companies offer additional discounts for using a secure smart lock or deadbolt on their home. This may be a cheaper option for those who don’t want to introduce an entire security system to their homes, although you would be able to see quite the discount if you did both!
DIY Home Security Systems: There is also an option to go the DIY route, meaning you may be able to avoid some monthly fees included with professional home security systems. If you consider implementing a DIY home security system, keep in mind that you may need to produce an alarm certificate, proving your alarms will notify local authorities when it goes off. Insurers will need this proof before awarding you any discounts on your insurance rates.
How Much of a Discount Can You Expect?
If you’re looking to save some money on your rates and wondering if adding security systems will help, then the short answer is yes. However, if this is your only goal, you may need to consider things such as monthly fees for security software to actually determine if you will experience any net savings. This monitoring fee can often be larger than the savings you receive from the system itself. The discount you receive from the security system may also take a while to cover the initial implementation investment.
Typically, discounts for simple burglar or fire alarms range from two to five percent off. However, a more robust home security system with video and other detections may grant you an additional two or three percent off your premiums. At most, you can expect a ten percent cut from your monthly rate if you choose an exceptionally secure system.
Does Having a Security System Lower Home Insurance?
So, is it worth it to get a security system for your house? The choice is yours, but the biggest thing to keep in mind is preventing a significant loss in the first place from any theft, vandalism, or other damage. This is where your home security systems will really come in handy! Think about the cost of recovering from a burglary. Some people only think about large, multi-thousand dollars burglaries and may feel like their home may not be a target. In reality, many common acts of theft involve stolen Amazon packages left on your doorstep a little too long. In a world where deliveries are made much more often, this may be worth the additional thought since a reoccurring theft problem will add up quickly, especially if your house is the most vulnerable one on the block.
Yes, your rates will lower from installing a security system for your home, but you also eliminate the chance of your premiums rising in the event of an unfortunate break-in. Having a security system in place proactively will end up being less costly than putting one in place after the fact. Saving money on your rates may just be considered a bonus since having peace of mind can be priceless!
Receive Your Homeowners Insurance Quote from Centennial State Insurance Agency
Want more information on how to cut homeowner’s insurance costs but don’t know where to start?
There are a lot of situations when you will need to get a home insurance plan in the Colorado area. Since picking this type of coverage can be challenging and complex, it would be a good idea for you to call Centennial State Insurance Agency. The insurance professionals with Centennial State Insurance Agency understand how important this coverage is. They can then give you the guidance that is needed to build a policy that provides you with the proper protection. Contact us to get started!